The Property Trio (formerly The Property Planner, Buyer and Professor)

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team pick apart the behaviours of real estate agents that drive buyer's' up the wall and shed light on the method behind the madness, as Dave, Cate and Pete discuss: Weekly market insights 1. Rent-vesting to make a comeback? With interest rates the lowest they've ever been and homebuyers looking at where they will purchase and what they can afford, we expect that rent-vesting will return with renewed vigour. Life is too short to live in a location where you'll be unhappy and more people will turn to purchasing investments. It's never been easier to find neutrally geared properties, to ensure your money works hard for you. 2. All capital cities have increased in the value in the last year After the pandemic dust has settled and now all capital cities have returned to growth, all capital cities have recorded an increase in values over the last year. Perth just made it with 0.04% increase, and Melbourne with 0.7% despite the market retraction. Perth and Darwin in particular have been dragging the chain for years, due to the retracting resources market, so this is certainly positive to see. Some capital cities will, of course, go up faster than others. 3. Vic stamp duty concession The Vic budget has announced stamp duty concessions for any property purchases up to a value of $1M, with a stamp duty waiver of 50% for new residential properties and 25% for established residential properties. The offer will be available for contracts entered into between 25 Nov 2020 and 30 June 2021. This is another factor that we expect will drive strong value growth in 2021. Some questions are yet to be determined, for example, whether you can double up on concessions including first home buyer discounts. Agent behaviours that buyer's don't like 1. Why would an agent leave a price tag off the listing? This comes down to understanding what is market centric for the area that you're purchasing in. The trio reveal the reasons why the listing may not include a price tag and how this could present a hidden opportunity to take advantage of. 2. What is the psychology behind underquoting auctions? While this may cause endless frustrations for purchasers who repeatedly miss out, there are reasons why agents adopt this practise. The trio discuss some of the quirks of each state, what the legislation dictates, and how buyers can overcome this hurdle if it strikes. 3. Why do some agents talk in riddles when asked about a price tag? Ultimately, the agent does not work for you, their job is to get the best outcome for the seller. This means that you will be sometimes find yourself on the front line of many well developed, tried and true negotiation tactics. 4. Why is it naïve to assume an agent will negotiate exclusively with you? Whilst it may be frustrating to think you've put in a winning offer, only to find out hours later that another buyer has come over the top of you, this is the agent doing their job. The more people who are involved, interested and willing to purchase, the better outcome the agent will secure. Rather than being sour grapes about competition, buyers should be on the front foot, quizzing the agent prior to submitting their offer to explore how the agent intends to deal with any competing offers. 5. Why do agents shop around after receiving a firm offer for purchase? Encountering competition from other interested buyers is part and parcel of the home buying...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's market update on the Property Planner, Buyer and Professor Podcast, the team analyse the factors playing out in Australia and abroad that are shaping our economic recovery and property market growth, as Dave, Cate and Pete take you through: 1. All aboard as the last of the big banks revise their property forecast UP for 2021! ANZ is the last of the big 4 bank dominos to fall, and revise up their previous gloomy 2021 predictions for the property market. As we shared in April, we expected the market to fall by less than 5% and in early October we predicted 10% + growth in 2021, and more to come in 2022. Now the banks and other economists have adjusted their views. 2. The peak to trough fall in values from Covid well within our predicted 5% band The impact of the Covid pandemic on property values from peak to trough was a modest decline of 1.7% for the entire Aussie property market and 2.8% for capital cities. CoreLogic data tells us that the Melbourne market bottomed on Oct 18 and the Aussie market a week earlier. In the Podcast we called the inflection point in late September due to data lag. Once again, many analysts have egg on their face, predicting cataclysmic price falls. Perhaps we need to have a Podcast on why macro- economic experts still do not understand the true drivers of the residential property market! 3. The Melbourne property market has joined the party. Melbourne property values are surging with CoreLogic showing growth in values since mid to late October, auction clearance rates surpassed Sydney on the weekend and all signs point towards a larger recovery, because of the larger fall and Melbourne was on a tear leading into Covid. This has been playing out at the coal face since the start of October. 4. The kiwi property market, a look into our future? The New Zealand government went hard and fast locking down to stamp out Covid. The effective eradication of the virus along with significant stimulus and with interest rates has resulted in median property values rising a whopping 11.1%! This trajectory means that the Reserve Bank of NZ is talking about macro prudential measures, such as restricting LVRs to slow down the property market already. We have predicted this kind of intervention will be on the cards for Australia towards the end of 2021 or into 2022 as APRA has proven it works. 5. We explain some key reasons why we predicted property values would surge For starters, debt serviceability is the lowest it has been since 2001. Interest repayments as a share of total household incomes are the lowest they have been since March 2002. The Australian property market has provided zero net capital growth for about four years now. The unfortunate reality is that despite so many people having such a difficult time, many of them were young people in part-time and casual work and not on the property ladder. A larger cohort of people have the greatest level of savings on record and benefited from stimulus which they can now deploy in investments. 6. The repeal of ASIC's Responsible Lending obligations is looking increasing likely! At the AFR Banking and Wealth Summit during the week, treasurer Josh Frydenberg ratcheted up the pressure on regulators to ensure they played their part, which acting ASIC chairwoman Karen Chester indicated she had heard loud and clear. The ASIC chairwoman painted the picture of a clear pivot of ASIC's position and it provided another sign that the Morrison government will ensure that the recovery is not hampered by lack of access to credit. 7. Why property value increases will not be halted by the end o...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team conduct a crash course on "How to navigate the demographic statistics that will help you identify an up and coming suburb", as Dave, Cate and Pete take you through: Weekly market insights 1. Melbourne market is moving Records have been set and houses are flying past the reserve, Melbourne is hot on the ground and quickly moving into recovery. 2. Consumer confidence has jumped to a seven year high The Westpac Melbourne institute "time to buy a dwelling" index surged 8 per cent to 132 points - the highest reading since November 2013. Often with investing, you need to go against the grain. That means investing when everyone else is fearful of investing. If you're doing it when everyone else is doing it, you'll be paying more than you otherwise would have. 3. Australia has surpassed the US for the largest house sizes in the world! Spurred on by the pandemic and lengthy lockdowns, the average size of our homes have increased predominantly through the increased number of renovations, which has also been supported by the government HomeBuilder stimulus grant of $25,000 to build a new home or substantially renovate an existing home. The virus crisis has been driving the 'great lifestyle re-evaluation' phenomena. How long this will last post a vaccine is unknown. A side effect of increasing the foot print of our homes is increased median property values. Deep dive into demographics 1. Occupations, education and incomes Identify the key data sets the professionals look at, and how to use them to analyse whether gentrification is on the cards. And importantly, which data sets to ignore. 2. Rental properties Spotting the trends in tenure and weekly rental payments that will steer you in the right direction. 3. Mortgage monthly payments The trio explain what percentage of household income mortgage repayments should make up and why is this an important factor to look at. 4. Usual address and internal migration How many people lived at the same address 5 years ago and what does this mean? Who is moving in and who is moving out? 5. Dwelling growth How many new dwellings are being built and is this a positive or negative indicator of gentrification? 6. Population Growth Taken at face value, population growth is one of the stats that can lead you to believe a location is gearing up for massive capital growth. The trio explain how to treat population growth and what indicative changes to look for. 7. Going to the suburbs Don't forget to take your eyes away from the numbers on the paper and visit the location. What are the signs that a location is attracting attention? Look out for fancy eateries and even fancier pooches on parade. 8. And of course, our 'gold nuggets'! Visit the show notes - https://propertyplanning.com.au/how-to-spot-an-up-and-coming-suburb-understanding-demographics-and-statistics/

http://propertyplannerbuyerandprofessor.com.au/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team delve into the planned upcoming changes to responsible lending legislation and what this will mean for the property and mortgage market, as Dave, Cate and Pete take you through: Weekly market insights 1. Property values continue to climb. Despite the economic recession, property values have remained resilient. We expect strong activity to continue right up until the 24th of December and into the new year. 2. Beware the data lag. As property data is collected at settlement, we typically see markets shift faster than the data comes through. The increased time for approvals and many homes under 'subject to' clauses means that data received is even further behind the actual date of the sale. 3. Record number of first-time buyers and mortgage approvals. First home buyers have flocked into the market with more people than ever before getting their foot in the property door. Mortgage approvals have also hit high levels, creating the perfect storm for fervent market recovery. Supply is starting to come back on board, which could slow down the growth in property values, although with the rate of new market entrants and positive buyer sentiment, this is questionable. Responsible lending repeal •What is responsible lending and when did it begin? Post the GFC there was a crackdown in high-risk lending, which led to responsible lending obligations being legislated by the Rudd Government in the National Consumer Credit Protection Act 2009 (Credit Act). The trio translate the complicated legalese of the current obligations to simple terms. •The reasoning behind the repeal. The Property Planner, Buyer and Professor delve into the purposes of the repeal and whether it is likely to be effective at meeting the government's goals. •When did applying for credit get tough and what instigated it? Over the last 10 years a litany of cascading events have resulted in a gradual creep of lenders and borrowers being faced with overly prescriptive, complex and onerous processes, which really gained pace from 2014 when APRA started to put limits on lending and calls began for a Banking Royal Commission. •What are the changes in lender behaviour we're likely to see? The reduction in red tape is likely to see many positive impacts in speeding up the process of approvals, but be warned, the model will switch from 'lender beware' with a 'borrower responsibility' principle. What does that mean for your loan application? •Borrowing capacity set to increase. Reduction in assessment rates could see borrowing capacity skyrocket, opening the door for prospective purchasers to up their limits. •Gazing into the property market crystal ball. The Planner and Professor make their predictions 2021 and 2022. •Consumer protections, who will be looking after you? With the litigious ASIC out the door, the APRA watchdog will be the sole enforcer of responsible lending obligations. But never fear, the freshly legislated best interest duty will be picking up the slack. The trio explain how. •How does this relate to mortgage brokers? Interestingly, a significant amount of paperwork that mortgage brokers are currently required to complete and provide to clients could be scrapped entirely. Watch this space. •What other areas are the government targeting? Key areas of reform that haven't received as much media spotlight are business loans and non-bank lenders. We cover off on the planned evolutions to streamline business lending and further protect vulnerable consumers by raising standards for the second and third tier lenders. •And of...

http://propertyplannerbuyerandprofessor.com.au/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team delve into how to prepare for auction so you can put your best foot forward, as Dave, Cate and Pete take you through: Weekly market insights 1. The recession has ended The September quarter has seen an inflation rise of 1.6%, the largest quarterly jump in 20 years, marking an official end, (by definition) to the June quarter recession. 2. Good quality properties are going well above the reserve On the ground, the Australian property market is hotting up and particularly for houses. CoreLogic figures released after recording on Friday 30th October show that all capital cities (bar Melbourne) have increased in value over the month of October, marking the turn-around for Sydney which has increased by 0.1% after a drop of 0.3% in September. Melbourne continues to decelerate in value decline with a drop of only 0.2% in October from 0.9% in September. 3. 'Subject to finance' a key component of missing out Ensuring that you have a fully credit assessed pre-approval in place is now as critical as ever, as we see many buyers miss out because they're not willing to take on the risk of not having a 'subject to finance' clause. Preparing for auction 1. Inspecting and appraising - beware of underquoting! Don't get unravelled by properties selling above the price guide given by the agent. The trio share how to work out a more accurate understanding of value. 2. Budget setting - home buyers v investors There are key differences in the budget setting process for home buyers and investors to be aware of when setting a walkaway price. In the end, it should all come down to the numbers and factoring in 'emotional premiums' where appropriate. 3. Purchase price shouldn't be determined by borrowing capacity Many purchasers come undone with buyer's remorse if they've allowed their upper limit to be dictated by borrowing capacity and haven't appropriately budgeted. The trio share how to work out your purchase limit so that you don't blow the budget and lose sleep! 4. When can you find out the reserve? The Planner, Buyer and Professor share the top tips for how to approach an agent to get the insider intel (that they're not required to give you!). 5. Auction twists Pre-auction offers, probate, family law, off the plan and different schedule auctions - find out the twists that can impact how the auction is conducted. 6. When to kick-off an auction with a low-ball offer The trio share the psychology behind low-ball offers and when to use them. 7. Due diligence Having the contract reviewed by your solicitor and conducting a building and pest inspection are critical steps to ensuring that you make property decisions that you don't later regret. Buyer beware! 8. Finalising contract terms How should you pay the deposit to the agent if you are successful and what is the settlement date? 9 And of course, our 'gold nuggets'! Visit the show notes - https://bit.ly/3oV2bWu

http://propertyplannerbuyerandprofessor.com.au/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team dive into more property myths that can lead purchasers down the garden path to poor property decisions. First, they share their market insights, as Dave, Cate and Pete take you through: 1. Weekly market insights 1 - New home loans see a record jump in August ABS figures released for August show a jump of 12.6% increase in new home loans (excluding refinances), and the largest month on month increase since 2002. It's also the first time in 11 years that there's been more first home buyers than investors purchasing in the market. So, what does that entail for the property market? The trio share their insights. 2. Weekly market insights 2 - More than 50% of mortgage repayment holidays have ceased In a really encouraging sign, more than half of the Australian's who opted for repayment holidays have recommenced their repayments, contributing to a more positive outlook for our economic recovery than the previously reported forecasts. 3. Weekly market insights 3 - Property prices remain resilient CoreLogic data for the last quarter reveals that Sydney is down by 0.9% and Melbourne 0.27%, while Adelaide, Brisbane and Perth have increased. As the trio revealed in "Market update #7", history shows that during previous economic downturns, property prices have remained stable due to low interest rates and reductions in supply as well as demand. This recession is no different, history repeats! 4. Myth #1: You need a 20% deposit to purchase a property This is wrong on two levels: the amount that you pay to a real estate agent that you're not willing to walk away from and your contribution to settlement are two different things (and neither of them are required to equate to 20%). The trio explain why. 5. Myth #2: A successful auction bidder doesn't need skill, only the most money Planning and preparation does the heavy lifting for getting great results. Your strategy and behaviour can knock the competition out of the park, even if their pockets are deeper than yours. We share with you the tactics that will have opponent auction bidders shaking in their boots, (even if you are shaking too). 6. Myth #3: You lose your First Home Owner's grant if you purchase an investment property Many people incorrectly believe that if you purchase an investment property first, you're no longer eligible for the First Home Owner's grant when you then go to purchase your home. The Planner, Buyer and Professor reveal how you can access the grant, even if you're not a first-time buyer. 7. Myth #4: Eligibility for the 6-year capital gains tax investment exemption If you're thinking of moving out of your principle place of residence and renting it out, there are key requirements that are often missed by many in order to claim the capital gains tax exemption. But is this strategy right for you? The property with the highest capital growth prospects is the one you want to be claiming the exemption on. 8. Myth #5: Off-markets opportunities are all motivated vendors The reality is that there are 3 different kinds of off-markets and only one that is worth your time. Home buying is a lengthy process as it is, and time is our most precious commodity. Don't get caught out with time-wasters! 9. And of course, our 'gold nuggets' Visit the show notes - https://bit.ly/2TzsKSh

http://propertyplannerbuyerandprofessor.com.au/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team delve into the common property myths that lead property purchasers down the path of making bad property decisions. First, they share their market insights, as Dave, Cate and Pete take you through: 1. Market update - rate cuts and consumer sentiment The trio share their thoughts on the whispers of upcoming RBA rate cuts tipped to occur over the Melbourne Cup weekend, the downward pressure on the 3 year bond rate and how long into the future low rates will stay in place. Plus, the recent surge in consumer sentiment, despite being in the thick of a global pandemic. 2. Myth 1: Property prices always go up What goes up, must always come down and property markets are no exception, (but they rarely bottom out at the same level that they started). Like any market, property prices will fluctuate on the basis of supply and demand and the institutional intervention that influences these factors. Beware of one trick ponies and cities that are heavily reliant on the success of only one particular industry. 3. Myth 2: Property values double every 7 to 10 years This may have been true once upon a time, in a land of high interest rates and strong inflation. But the property landscape is vastly different now. For property to double every 7 years, you'd need annual capital growth of 10.28%. So, how long will it really take for values to double? The trio share their insights. 4. Myth 3: Picking a good suburb is the key to property success There is much more to selecting a great asset than simply picking a good suburb and buying whatever you can get your hands on. There are markets within markets, and compromising on quality to get into that blue-chip suburb can lead you astray. Not all property is created equal and that means that not all property in the same suburb increases at the same rate of capital growth. 5. Myth 4: Housing is unaffordable nowadays Calling all millennials - put the avocado down and listen up! Housing affordability is more than just looking at current property prices and lamenting that the aspirational, forever-house of your dreams is out of reach. Affordability comes down to the percentage of your wage that goes towards your loan repayments, but what is the hardest part? Getting the money together for a deposit, in order to get your foot on the first rung of the property ladder. Choose wisely and you can leap frog into your ideal home. 6. Myth 5: All good property opportunities are taken From capital cities, 'huburbs' and regional centres, there are hidden gems everywhere. The location may not be glamourous right now, but that's the point, each swan started out as an ugly duckling. The Planner, Buyer and Professor share the signs to look out for on the hunt for gentrification. 7. Myth 6: Big land is more important than location of land Unless you have a goal of subdividing, this belief is a furphy. Location is the most critical factor that influences capital growth, and a smaller block of land in a great location will often outstrip a full block of land on the fringes of the capital city. Land to asset ratio is key! 8. And of course, our 'gold nuggets'

http://propertyplannerbuyerandprofessor.com.au/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team dive into the nitty gritty of completing a successful renovation, sharing with you the tips to plan for a positive adventure with your home or investment property, plus some learnings from their own experiences, (mostly learnt the hard way). First, they outline key measures announced in the federal budget, as Dave, Cate and Pete take you through: 1. Budget 2020 and the property market The trio share their thoughts on key federal budget measures that will drive the economy and property market. From tax cuts, providing perspective on national debt levels, to identifying the market segments that have missed out on further government stimuli. 2. Homes that you can grow into Unfortunately it's often the case that the home we desire and can afford don't exactly match up. The compromises are normally between the dwelling and the location. To get into your preferred location, considering purchasing a home that you can grow into by extending out or up is a plausible option for many - the trio share with you the key benefits of this strategy. 3. Top tip - live in your home before you renovate Get to know your property! After living in your home for some time, you'll find out what you love and what you would like to change. This will save you from making some renovation decisions that you later regret. 4. Home renos - how will the renovation impact your ability to sell? When renovating your home, thinking about being able to sell it down the track, (after the kids have grown up and moved out) is not usually the first priority. However, having an understanding on the future saleability and likely buyer pool can help you make critical decisions on your renovation ideas. 5. Investment renos - understanding your deductions We always say that tax deductions are the icing on the cake, but you should still have an understanding of the tax implications of the works you plan to complete. Various materials and appliances will have differing depreciation schedules. Speak to a quantity surveyor to find out what tax benefits you are eligible for. 6. More bedrooms doesn't equal more value Proportionality is critical! Adding a few extra bedrooms doesn't always add up to more value if you don't have the space to pull it off, or if you don't have the living areas and bathrooms to boot! The key is to know your market and deliver what tenants or prospective purchaser's desire. 7. Speaking of bedrooms, size is important! Hands up who has been to an open house inspection advertising 3 bedrooms, only to find out on arrival that it's actually 2 bedrooms and a study? Almost everyone. We share with you our tips on minimal bedroom size - anything smaller, is a great home office or a baby's nursery. 8. Granny flats The capital gains tax incentives in the federal budget provide incentives for families to house their elderly parents in a self-contained unit. But do granny flats add value? 9. And of course, our 'gold nuggets' Visit the show notes - https://bit.ly/2GXqQbd

http://propertyplannerbuyerandprofessor.com.au/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team analyse the macro economic factors which are pointing to property values being at a pivotal turning point towards an upward trajectory. To balance the conversation, the trio also discuss some of the risks which may hold values back. Dave, Cate and Pete take you through: 1. Why property values are likely to rise by 10% in 2021 and into 2022 Weighing up the market forces at play, (and in the absence of a loss of control of COVID case numbers) it's looking likely that we're at an inflection point in the market and we'll be gearing up for a property run. 2. How property values have remained relatively stable throughout COVID As we've been saying since the beginning of COVID, (and contrary to the property doomsayers and alarmists), due to a reduction in supply, property values had a floor underneath them and Dave, Cate and Pete felt that national median prices were unlikely to drop more than 5-10%. Well, the results are in! 3. The green shoots emerge Property values in 6 out of 8 capital cities have recorded an increase in median values over September. The two exceptions have been Sydney and Melbourne; Sydney has recorded a slight decline in values of 0.3%, and the reduction is decelerating from previous months, which is typical before an uptick. Melbourne's median value has declined by 0.9%, and we know that Melbourne is getting their COVID cases under control from the second wave, so we expect the recovery will be a few steps behind the other capital cities. 4. How low can interest rates go? Interests rates have been slashed and dashed since mid 2019, with a total drop of 1.25% so far. RBA pre-pandemic modelling suggests that when the cash rate is dropped by 100 basis points, property values will increase by 28%. Yes, you heard right, 28%. With more whispers in the wind about a further rate cut - watch this space. 5. Responsible lending laws to be axed Now seen as a 'handbrake' on our economic recovery, responsible lending laws are due to be repealed in March 2021, which will open up ease of access to lending. There's nothing like making it easier to borrow money to heat up the market. 6. Ready, set.. SPEND! With nothing to do and nowhere to go, Australian's are saving more money than ever. Coupled with the 'wealth effect' from rising property values, consumers spending money locally instead of overseas will have an enormous impact on the economy. 7. Unemployment looms From our own analysis, led by the Property Professor himself, we discovered somewhat surprisingly that in the recent recessions and hikes in unemployment, property values remained obstinately consistent, barely showing any reductions greater than 5%. This is not to downplay the horrific impact that the pandemic has had on some businesses and Indvidual's. That remains. The trio believe that the impact on property values is likely to be less than many people imagined. 8. Vaccines, migration and riding the waves Towards the back end of 2020, we can expect to see viable vaccines in production, international travel slowly coming back online and better management of COVID breakouts. Practice makes perfect, and by now, we would hope Victorian's are well versed. 9. International recovery blueprint Looking overseas at other Western countries, positive housing stories are playing out in the US, UK, Canada and NZ where values are increasing and we are not far behind. 10. And of course, our 'gold...

http://propertyplannerbuyerandprofessor.com.au/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team dive into the world of project managing a renovation and they outline the factors to consider before you embark! Dave, Cate and Pete take you through: 1. The most common mistake; over-capitalisation It's very easy to find a property that needs a renovation, but not so easy to find one that will reap a profit. The team take you through the various approaches to renovating that will add value to the property, and those which will not. 2. Ballooning budget Unreliable tradesmen, deadlines slipping through your fingers like sand, and alterations to the plan can quickly add up to cause your renovation budget to blow. Planning for delays and allowing for contingencies is critical to a successful renovation. 3. Unexpected and invisible costs From finding asbestos to hitting hard stone when excavating, these are just some of the unexpected costs that can come out of the woodwork when your renovation begins. These additional costs burn into your wallet, but removing the issues do not add perceived value to the property. It shouldn't come as a surprise to hear that prospective purchasers expect to buy a house free of asbestos. 4. Sharpen your project management skills Like any major project, a renovation involves multiple moving pieces and parties to corral. The average renovation requires 10,000 decisions to be made. If you do not take the time to plan, arranging your tradesmen, deadlines and budgets can be like herding stray cats. 5. How do you value your time? Many people do not factor in the cost of their own time and stress when 'running the numbers'. Be prepared to set aside significant portions of your time for planning, making/taking phone calls, wrangling and negotiating with suppliers, making decisions. If renovating is not your day job, this could mean hours after work and on weekends. Could that time be better spent with your family? Or doing your regular job? 6. Financing a renovation The Property Planner shares with you the various ways that you can finance your renovation project. It goes without saying, but the least involvement you can have from the bank, the more freedom you will have. 7. On the flipside - beware of flipped properties Purchasing a freshly renovated home can seem like a dream come true, but beware, not all that glitters is gold! If someone is flipping to turn a profit, be weary for potential cut corners. 8. And of course, our 'gold nuggets'